In a measure to combat financing of terrorism, Reserve Bank of India (RBI), on Wednesday, asked all Regional Rural Banks (RRBs) to develop suitable mechanism for enhanced monitoring of accounts suspected of having terrorist links and report it to Financial Intelligence Unit — India (FIU-IND) on priority.
In this context, the banking regulator advised RRBs to ensure swift identification of transactions of accounts suspected of having terrorist links by developing suitable mechanism through appropriate policy framework, said a RBI notification on its website.
As and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations’ Security Council Resolutions (UNSCRs), are received from Government of India, RBI circulates these to all RRBs, it said adding the latter should ensure to update consolidated list of individuals and entities as circulated by RBI.
